Police responded to 25th and Berks streets just before 2:30 a.m. after multiple 911 calls.
When officers arrived, they found three men suffering from gunshot wounds.
Two 26-year-old men were taken to Temple Hospital in critical condition.
The third victim, believed to be in his 20s, was also taken to the hospital but was later pronounced dead.
One bullet went through the front door of a nearby property, according to police.
"We know one bullet went through the front door of a property, and the projectile ended up in the living room. There were individuals in that property. We checked on them, and they're very lucky no one was struck by gunfire in that property where the bullet entered," Chief Inspector Scott Small, with the Philadelphia Police Department, said.
Police don't have a description yet of the shooter or shooters. They also said they don't know if whoever is responsible arrived on foot or drove by.
The shooting remains under investigation.