It happened around 2:30 a.m. Thursday on the 8800 block of Frankford Avenue, between Academy Road and Pennypack Street, at a parking lot of a vacant building.
Police say two suspects on a motorcycle pulled up to the 36-year-old victim who had a mountain bike.
They pulled out a gun, shot the victim and stole his mountain bike, police say.
One suspect rode away on the bike and the other fled on the motorcycle.
Medics rushed the victim to the Jefferson Torresdale Hospital where he is listed in stable condition.
Police say there were cameras in the area, but because the building is vacant investigators do not believe they were recording.