It happened just after midnight on North Marshall Street near Poplar Street.
Investigators found 29 spent shell casings in the street after witnesses said two males wearing masks left the scene on bicycles.
Police said the victim, 21, was shot four blocks from his home and that he was clearly the intended target.
"Most of the 29 shell casings were found some inches, some feet from where the victim was laying on the sidewalk, which is an indication that the shooters were standing in very close proximity to the victim," said Philadelphia Police Chief Inspector Scott Small.
One Temple University student who lives on the street said his roommate hear 10 gunshots and then saw parts of the shooting.
Investigators said the victim suffered gunshot wounds all over his body, including to his neck, torso, back and legs.
Officers transported the man to Temple University Hospital where he was pronounced dead.
Investigators said a gun was found in the victim's pocket but it doesn't appear he ever had a chance to pull his weapon.
The scene of the shooting is next to Young Scholars Charter School and the Poplar campus of The City School, formally known as Palmer Leadership Academy.
The shooting is now a reminder for students who walk to and from campus.
"We speak really transparently with our students about how to be wise in the city, which is true with any context anywhere," said Jake Becker, The City School head of school.
Becker said it's their second year in the building and haven't had any issues.
The lesson in school is now all too real for the 6th through 12th graders who go there.
"This is real life. Our students have experienced violence in our neighborhoods at different points, so we care very much about talking about that in the school context," Becker said.
Investigators said at least one of the nearby schools has several surveillance cameras close to the crime scene.
Homicide detectives are hoping the video is clear enough to help with the investigation.