Yusuf Nazlioglu died in hospital early on Tuesday after being found shot in the residential Rhodes carpark about 6.30pm Monday.

Emergency services were called to Walker Street at Rhodes where they found the 40-year-old with multiple gunshot wounds to the torso and head.

"We do believe that the shooting last night was targeted," NSW Police Detective Superintendent Martin Hayston told reporters at Burwood police station.

"The person who approached the 40-year-old male and shot him clearly was there to do that.

"There are various lines of inquiry that are underway in relation to motive."

NSW Police have formed Strike Force Claypinch to investigate the execution and are appealing for witnesses or anyone with dash cam footage to contact Crime Stoppers.

Police believe the killer left the scene in a small silver hatchback, which was later found in a nearby carpark on fire.

He described the victim as "well known" to police but said he was "not aware of his background in any great detail".

In 2020, Nazlioglu was found not guilty in the NSW Supreme Court of murdering Comanchero boss Mick Hawi, who was shot in the carpark of Fitness First in Rockdale in 2018.

Det Hayston said there was no reason to believe the shooting was linked to recent gangland shootings in Sydney where there have been 14 fatal hits in the last two years.

Nazlioglu's family was traumatised by the killing and police were providing all available assistance to them, he said.

Australian Associated Press