Bed couch with draws, shared room, space saver. this could go in bedroom area. like the shelves idea, too. can add a light wooden dining table and a few comfy folding chairs to make cool dining area in bedrm space, if bed moves to living room area.
~Toy Room Organization ~ Expedit units or units which hold baskets are perfect. Separate the toys into categories and don't forget to label the baskets. You could add a photo of what's in the basket so the kids can pack away. (We can dream right?
41 Clever Organizational Ideas For Your Child's Playroom