My space sounds very similar to yours. First of all, some kind of storage/cubby/hooks at the front door, as space allows. My basement playroom is divided into zones:
-Table/chairs, chairs with boosters attached. This area is used for crafts, eating and is my learning zone where all of the puzzles, books, magnet wall, easle, desk for drawing is kept.
-Imagination Station; my puppet theatre, dress up area (big mirror), play kitchen/table & all the toys related to pretend (dolls, tools, musical instruments..)
-Large muscle movement; a slide, ball pit, ramp and tunnel
-lastly, my train table in another corner of the room which doubles as a Lego, block and car table.
-the center of the room is wide open for circle time, dancing, twirling etc.
I also have a small kitchen area set up (storage, microwave, fridge) so that I can prep. & they can eat right downstairs.
I am fortunate to have a big wall of shelves on one wall...the bottom shelf is the play tunnel to crawl through, middle 2 for toy storage and top ones for games & activity bins.
Best part...I close the door at then end of the day and there it remains for the next morning.

Hope that helps.