Eli,
Unfortunately, this does not exist today. A local environment for building and testing Cloud Functions is a high priority for the engineering team.
In the meantime, you could abstract away the core functionality of your function and invoke it directly with the node command line, passing in all necessary data that it needs to operate. For example, with an HTTPS function, figure out what you need from the request object, make that the input to another function, then invoke that with dummy data that you create. The response could be handled similarly.
You could also run
Express locally and
wire it up to invoke your function (since that's what implements the request and response objects).
Doug