Take a look at the blueprint node “Play Sound at Location”. This will allow you to play a sound from a specific location. It will also allow you to set Attenuation Settings (you can create one by rightclicking in your content browser and choose Sounds > Sound attenuation). The attenuation settings allows you to set the distance.
An easy way to try out the attenuation is to add an ambient sound (such as a wind or birds from the starter content) by dragging it into your scene and enable the “Allow Spatialization” and “Override Attentuation” in the properties. Then, in the Attenuation Distance, you can play with the inner Radius and Falloff Distance to get the right distance and position.
Here are some resources you could check:
https://www.youtube.com/watch?v=Peykjxd01ys