Yes! To make a copy of a current property from the bottom right of the property's Summary tab. You do not have to be the Property Data Administrator (PDA or owner) to make a copy, and you will be the PDA of the newly copied property.
If the property that you are copying has been shared with others, those shares will not be replicated on the copied version.
You can mark this new property as a "Test" building if you are using it for testing purposes (so that it won't count towards your property-wide metrics). You make this edit from the Details tab, under Basic Information. It's called the "Construction Status." the options are: