At 6:25 p.m. police responded to a report of a fight at 19 North 50th Street.
Upon arrival, they found a man, believed to be in his 40's, who was stabbed at least six times.
"I saw the victim stagger out of number 19 covered with blood," neighbor Sharon Anderson said.
He was transported to the Hospital of University of Pennsylvania where he was pronounced dead.
Police say the victim became engaged in a fight with another male and a woman.
"From what we're gathering early on, there was some type of argument between him, a male who is in the house along with a female over some type of issue, it appeared they all had been drinking," Philadelphia Police Lt. Johnny Walker said.
Anderson says the suspected stabber was doing more than just drinking.
"You could look at him and tell whatever what he was doing was bringing out the monster in him," Anderson said.
According to witnesses, the two suspects fled in the victim's silver Nissan Murano.
Anyone with information is asked to call police.