It happened just before 1:30 a.m. Friday at 23rd Street and Montgomery Avenue.
Police said the victim was shot multiple times in the chest.
Arriving officers found the man lying on the road unconscious. He was taken to Temple University Hospital where he was pronounced dead a short time later.
Police found a city rental bike next to the victim. Under the bike, police discovered a bag carrying a handgun.
"We believe there is a possibility that this victim was on the rental bike when he was shot," Philadelphia Police Chief Inspector Scott Small said.
Police said a second bike was found across the street.
Two suspects wearing all black were seen fleeing the scene.
Police said they will be looking at home surveillance cameras in the area.
No arrests have been made.