It's an Alvarez solid-body electric guitar, styled after the Fender Stratocaster, and imported. Alvarez made some solid, payable guitars of this type, the quality of the one you have then to be determined by an experienced hand and ear, as they varied a bit from instrument to instrument.
Mine's a MIK Alvarez Classic II, virtually the same design as yours except it has the 6 in a row tuners, like a Fender. I hand-picked it from a shipment of eight to a local shop, and it was the best of the bunch. Only things I changed were going with a NOS Switchcraft phone jack and Graphtech bridge saddles. Made me a pile of money, first as a back-up, then later as my main guitar, perfect neck, solid tuners, fine tonal response, etc., but, with hard/surfboard case, probably not "worth" more than around $150 to sell.
Sold the last of my "good stuff" (a couple of vintage USA 'electrics), and am perfectly happy to keep this fine player around until my relatives have to deal with it. So, it was my "entry" (into retirement) guitar. If I had to replace it, I'd guess it would take around $500-700 to match the one I have.
So, if you play or are thinking about learning, maybe get it checked out and keep it. It's got good "bones", and the rest is mostly details.