The incident happened around 1:30 a.m. Friday on the 3100 block of C Street.
Police arrived to find a man lying on the sidewalk.
The victim was conscious and told police he was walking down the street when an older model Jaguar pulled up beside him.
He said a passenger in the back jumped out, fired two shots, then walked over after he collapsed on the sidewalk.
The gunman, wearing a black hooded sweatshirt tied around his face, reached into the victim's pocket and stole his wallet, containing the victim's identification and $250 in cash.
The suspects then sped away in that gold or dark-colored older model Jaguar, heading south on C Street then turning left onto Clearview Street.
The victim was taken to Temple University Hospital, where he is listed in stable condition.
Police are hoping area surveillance cameras captured the shooting and robbery.
Anyone with information is asked to contact Philadelphia Police.