The man, identified in media reports as low-level bikie gang associate Marvin Oraiha, was with his girlfriend moments before he was ambushed in Elizabeth Hills in southwestern Sydney about 4pm on Monday.
Describing the crime as awful, homicide squad commander Virginia Gorman said his possible criminal links would be investigated.
"There's only so much that can happen in 24 years and we'll be looking at his recent associations and businesses, friends and other links," she said on Tuesday.
"It's an awful crime - really, really shocking for the family, the people who live in that street, his girlfriend (and) generally the community."
Two cars were found burning a short time after the murder in the neighbouring suburbs of Green Valley and Bonnyrigg Heights.
Whether those cars were used by the killers as getaway vehicles and then torched is being investigated.
"I imagine the family's devastated right now," Detective Acting Superintendent Gorman said.
"It was a young man with a lot to look forward to."
The police bikie squad, Raptor, was also involved with reports suggesting Mr Oraiha had links to the Comancheros.
Police Commissioner Karen Webb said it was still early in the investigation, but she acknowledged concerns the shooting could reignite Sydney's gangland wars.
More than a dozen people have been gunned down in the city's streets since late 2020.
"Of course, we don't know that it is gangland-related at the moment," she told Seven's Sunrise program.
"We will have investigators working around the clock on this to make sure that we can suppress any retaliation if that is a concern as well."
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