Let $l$ be an oriented link of $d$ components in a homology $3$-sphere. For any nonnegative integer $q$, let $l(q)$ be the link of $d-1$ components obtained from $l$ by performing $1/q$ surgery on its $d$th component $l_d$. The Mahler measure of the multivariable Alexander polynomial $\Delta_{l(q)}$ converges to the Mahler measure of $\Delta_l$ as $q$ goes to infinity, provided that $l_d$ has nonzero linking number with some other component. If $l_d$ has zero linking number with each of the other components, then the Mahler measure of $\Delta_{l(q)}$ has a well defined but different limiting behavior. Examples are given of links $l$ such that the Mahler measure of $\Delta_l$ is small. Possible connections with hyperbolic volume are discussed.