Commerce Addressbook is a great Drupal Commerce add-on that allows authenticated users of a site to reuse one of the addresses that have been used previously in an order. It's a module really simple to use and provides an excellent improvement from the customer perspective.
Additionally, users with enough permissions are able to manage their addresses in the user page so that they can edit and delete them but also set one by default.

Module Description

Commerce Addressbook is a module that allows authenticated customers to reuse previously entered addresses during checkout. They can manage all entered addresses in their user panel (user/%user/addressbook). Note that for data consistency reasons editing a previously entered address won't change it on previously made orders.

Installation

• Enable the Commerce Addresbook module.
• Visit the admin/commerce/config/checkout page and configure any customer profile checkout panes (such as "Billing information") to use the addressbook.
• The "Addresses on File" select list should now automatically be attached to the checkout form.