Absolutely there is a way to do this! If there is the potential for any of the fields to be null, you'll need to account for that. I would create one formula for each "part" of the address that looks something like this:
If IsNull({street number}) then "" else {street number} + " "
To put the comma between city and state I would do this:
If IsNull({city}) then "" else {city} + ", "
You can then concatenate these two different ways:
1. Drag a text block onto your report where you want the address to appear. Then drag each of the formula into this text block. This will concatenate the formulas.
2. Create another formula that will concatenate the other formulas:
-Dell