It happened around 5 p.m. on the 1200 block of Manning Street.
Police said the victim was walking along the street when he was approached by two men, one of whom sexually assaulted him and then forced him to the ground.
According to investigators, when the man screamed one of the suspects took his wallet from his right pants pocket. The suspects then ran walked away, removed $305 dollars in cash from the wallet and then discarded the wallet.
Police said the pair were seen running east on Spruce Street following the incident.
Officials described the first suspect as a black male, between 25-30 years-of-age, approximately 6 feet tall. He was wearing blue jeans, white sneakers, a gray or green jacket and a black knit hat at the time of the incident.
The second suspect was described as a black man, between 25-30 years-of-age, approximately 5 feet 8 inches tall. He was reportedly wearing a black hooded sweatshirt, blue jeans and a black and lime green backpack at the time of the incident.
Police said if you see the suspects, do not attempt to approach them but rather call 911 immediately.
Anyone with information about this incident or these suspects is asked to contact the Philadelphia Police Special Victim's Unit at 215-685-3251.