Billboard has reached out to Nipsey's reps for confirmation of the report.
Two others were also shot before the suspect fled, a source at the LAPD tells Billboard. Though law enforcement officials could not release names, they confirmed the two other victims are in stable condition.
Police have closed off the area while the investigation continues.
Just before the shooting, Nipsey had tweeted, "Having strong enemies is a blessing."
The rapper, born Ermias Ashedom, opened his L.A. store in 2017. He released his acclaimed and Grammy-nominated debut full-length album, Victory Lap, in 2018.
"I just think the amount of life, the amount of narrative, the amount of truth, the amount of pieces of somebody's life stories that went into Victory Lap is one of the reasons why my album is the best rap album of 2018," he told Billboard in December. "I wasn't trying to make the album of the year, I was just trying to make something that would stand the test of time."