A man has been shot dead in the Sydney suburb of Villawood, in what police believe was a targeted attack.

The 40-year-old was found with multiple gunshot wounds in a unit complex on Gundaroo Street just after 9pm on Saturday.

He died at the scene despite the efforts of paramedics.

The man is yet to be identified.

Officers from Bankstown Local Area Command with the assistance of State Crime Command, Homicide Squad established a crime scene and investigations are ongoing.