Storage bins might be the typical solution for gathering small toys in one place. But they take up quite a bit of space. For the more limited space, check out these wall-hung storage pockets:
Made of cloth, the little pouches could be hung at half height to allow little ones easy access. They would be so easy to make and could hold everything from toys to socks. See more in this collection of 20 storage ideas at House to Home.
Image: House to Home