I have a similar requirement and couldn't find any definite answer in this post or anywhere. I currently have a class library and would like to create a console application project without copying any code. Ideally speaking there should be two projects, one for creating a console application and another for creating a class library. And this is what the visual studio also suggests. When I tried to run the class library, I got the below message.

It clearly asks us to add an executable project to the solution and add the reference to the library project.
Below are the steps to do this.
Right click solution -> Add new project -> Console App -> choose name -> ok.
Right click on the console project -> add reference -> In reference manager, click on the projects tab and select the other project(In my case this is the class library project, In case it is not listed just click on browse and select the .csproj file) -> ok.
Now to use the classes in the other project, simple do using LibraryProjectNameSpace
There we are. Bingo!!!!
Also as mentioned in the other answers it is not possible to have the same project generate both .exe and .dll. But you can have the same solution generate these two guys by having two projects. In this way there is no need to switch the output of the project every time.
FYI, I use visual studio 2017