The invention is a compact storage rack for holding and storing tools and other articles within a recess in a wall of a building or vehicle. The storage rack includes a back panel, mounting members for securing the rack in the recess and at least one door panel pivotally mounted to the mounting members. Each panel consists of a wire grid composed of pairs of generally parallel and equidistantly spaced horizontal bars secured together by generally parallel and equidistant vertical bars. The grid design allows visual inspection of the tools inside the storage rack to confirm what equipment is present and that it is properly mounted. The grid design also allows air to permeate the storage rack to air dry the tools stored therein. The swing door arrangement provides easy access to the equipment.