The victim was then shot in the leg in the 3900 block of Dabney Street, just about two homes away from where his grandfather was out doing yard work, police added.
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The suspected gunman walked off.
Police are crediting the grandfather with breaking up the ordeal after hearing the commotion involving his grandson.
Police also say the grandfather believes his grandson was followed home after withdrawing just $20 at a nearby business on Lockwood and Cavalcade.
The victim was alert and rushed to the hospital, where he is stable.
The suspect is believed to be a Black man in his 20s who was wearing blue pants with white stripes.
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ABC13's Neighborhood Safety Tracker data shows the designated area where the shooting unfolded has a four-year average of 146 robberies.
In the last 12 months, 127 holdups were reported. In 2022, 119 robberies took place, which is a drop compared to 142 from 2021.
The designated area where the data was collected also includes Huntington Place, Wilshire Place, and Liberty Gardens.