The shooting happened just after 11:30 p.m. inside a building located at 31st Street and West Montgomery Avenue.
According to police, the man was shot eight times in the face, torso and hand.
When paramedics arrived they pronounced the victim dead at the scene.
So far, there is no word on a motive and no arrests have been made.
The victim's name has not been released.
Police say it appears the building is undergoing renovations and that people from the neighborhood went there to hang out and shoot pool.
Detectives spent most of the morning scouring the neighborhood for any evidence, including if the victim was in fact the intended target.
Philadelphia Police Chief Inspector Scott Small explains, "Based on ballistic evidence we know that at least eight shots were fired from a semi-automatic handgun. The casings, the shell casings are within feet of [the victim's] body, so he was shot from point-blank range."
Police also tell Action News that a weapon was discovered at the scene, however it is not clear yet if that was the weapon used in this crime.