The following year in 2001, he won his second UAAP MVP plum. However, the team still failed to win the championship as the Green Archers established their dynasty in the collegiate ranks courtesy of winning their fourth-straight UAAP championship.
Alvarez was drafted first overall by Shell Turbo Chargers in the 2004 PBA Draft, ahead of former college rival James Yap. He played his first PBA game on the team's second game after former coach John Moran benched him in the first game. He thought that Alvarez was not yet ready to play, but when Leo Austria took over the team's coaching duties, his game status went up and won the Rookie of the Year honors at season's end. In his rookie season, he averaged 8.8 points and 6.4 rebounds in 72 games.
As his contract with Air21 expired, he signed with Talk 'N Text prior to start of the 2010–11 PBA season. Initially, he was only signed to a one-conference contract. However, with his valuable contributions off the bench, he stayed with the Tropang Texters until the 2012–13 PBA season. In his last year with the team, he only averaged career-low numbers of 0.4 point, 1.1 rebounds and 0.2 assist in just 20 games.
After his stint with Talk 'N Text, he found himself without a team for the entire 2013–14 season. However, when the news broke out that three franchises KIA, Blackwater, and NLEX were accepted as expansion teams in the PBA, he immediately joined the tryouts of Team Kia, and he's out to prove he can still compete. His competitiveness and renewed fervor rewarded him of a spot at Kia Sorentos for the upcoming 2014–15 PBA season.
Alvarez began dating R&B singer, Kyla (real name Melanie Calumpad) in 2005. After six years of dating, he proposed in January 2011. Their wedding took place on November 28, 2011. Together, they have a son, Toby Elsiah (born May 5, 2013).