It sure can be!
Let me offer two real-world examples from Google products.
The question as it stands is a bit broad. The other answers bring up valid points, but they are chiefly implementation challenges.
The way Google solves all of these problems is to pass what you type in real-time to an API that then provides suggestions based on what you have typed. Then, the user can choose from an address the service knows about — is already validated — or can just choose from whatever their free-form text entry was.
If you care about data integrity at all, I would argue that this is the only way you can accomplish this with any reliability.
This also arguably provides an improved user experience over a multi-field form because the user can enter a partial address but obtain a full address via the validation service, via autocompletion. Many exist.
Some research would need to be done to see if the implementation panics tools like screen readers. You may want to consider providing the multi-line alternative people are familiar with.
If you don't care about data integrity — for example, the address is solely for the use of the user who entered it, so they will recognize it even if it is not shippable — you can definitely do it.