I'd need about 6 times that amount of storage space. But then, I've been doing this for ... about 30 years. One tends to accumulate a lot of stuff in that period of time. (Hey, I did throw out SOME stuff this spring...)
I have a similar system - baskets, that is, but the baskets are on shelves in the (finished) basement in a two-door "closet" that we used to use as a pantry (before we re-did the kitchen). It's where my bikes are, and there's a bathroom, so it's easy to get geared up, wheel the bike out of the basement door and ride off.