Authorities responded to the 10600 block of Chiquita Street, near Universal Studios, just after midnight. Police said the victim, identified as Kim Jong Woon, was returning home from work and was outside his home at the time of the shooting. His father-in-law said Kim owned a liquor store.
LAPD Lt. Alan Hamilton said Kim is either the owner or part-owner of a business located in the South Bay. Hamilton also said there have been prior crime reports at Kim's residence, but it is unknown whether they are related to the shooting.
"We do not know a motive at this point. We're not ready to label a motive to this crime," Hamilton said.
Police said the Kim had been shot several times in the neck and was found lying in the street.
Authorities rushed him to Cedar-Sinai Medical Center, where he died at about 4 a.m.
Neighboring residents were stunned by the violent shooting.
"It scares me terribly. We're old, very old, and it scares me that we're not safe anymore," said Ursula Rheinfurth. "This street was the safest street."
Police said they could use the public's help. Anyone with information related to the shooting is urged to call the LAPD North Hollywood detectives at (818) 623-4075.