Witnesses in the area of E. 17th Avenue and Fraser Street called police shortly after 8 p.m. PT with reports of hearing gunfire.
Officers found a wounded 29-year-old man, who was taken away in an ambulance.
"It is still early in the investigation and while the motive has not been confirmed, indications are the shooting was targeted," police said in a written statement.
"The victim is known to police and remains in serious condition. There have been no arrests made and the investigation is ongoing."