Our dream unnecessary room to have in our home would be a dedicated gift wrapping room - yeah, we know we're a little odd. Until then, we store all of our wrapping supplies in this Hanging Gift Wrap Organizer. It hangs nicely in the front hall closet when not in use, and anytime we need to wrap a gift it's easy to pull out and hang from the dining room door frame. Easy access and organized supplies. It works pretty well for us.
Available from the Container Store for $19.99.