It is acceptable, but it's not common. At least in Spain, address to someone using the last name, is done in working environment and also in school. Is less formal than Señor Molina and is not as familiar as José.
I think it's kind of deprecated.
You made my day!
However you mentioned "...address to someone using the last name". Then it would be acceptable to say: "Molina, por favor, lleve estos papeles al Dept. de Inmigración." Right?
¡Un millón de gracias!