[3] The highlight of his career was scoring the winning goal of the 1917 Copa del Rey Final for Madrid FC in extra-time.

He played a pivotal role in helping the club win the 1914–15 Centro Championship, along with Joaquín Pascual, Ezequiel Montero, Antonio De Miguel, and Feliciano Rey,[4] with the latter two also being his teammates at Madrid FC.

In the two seasons he spent at the club, he won two Centro Championships and reached two Copa del Rey finals in 1917 and 1918, starting in both of them and scoring the winning goal in the extra-time of the former against Arenas de Getxo in a 2–1 win.

[5] Despite playing a key role in Madrid's back-to-back Copa del Rey finals, the club's board of directors decided that both Álvarez and Rey, were no longer needed, and so, they both returned to Racing at the end of the 1918–19 season, and in their first season back, they contributed decisively in helping Racing win the 1918–19 Centro Championship four points clear of Madrid.

[7] Álvarez also participated in the following edition, which consisted of a two-legged tie against Catalonia, and he scored an equalizer in the first leg, although Madrid still lost 3–6.