How do I define a variable based on a Case statement or If statement in the middle of SELECT statement?

Question

I am defining the prefix of an address and then trying to remove it from the address. How can I define a variable using an if statement or case statement in the middle of a select statement? Is this possible?

DECLARE @address VARCHAR(100)
DECLARE @number VARCHAR(10)
DECLARE @prefix VARCHAR(10)

SELECT

@address = '7357 N Great Meadow St.',
@number = LEFT(@address, CHARINDEX(' ', @address)),
@address = REPLACE(@address, @number, ''),
@prefix = LEFT(@address, CHARINDEX(' ', (@address))),

CASE
    WHEN(@prefix = 'N ')
    OR (@prefix = 'S ') 
    OR (@prefix = 'E ') 
    OR (@prefix = 'W ')
    THEN @address = REPLACE(@address, @prefix, '')
    ELSE @address = @address
END

FROM myTable
WHERE 1 = 1