*I've concluded that only the "nice" bikes qualify for hanging from the pipe. Kid bikes and heavy steel cruiser bikes that weigh 50 lbs. won't be on this pipe.
I wish I could take credit for the idea, but I'm not that creative. I first saw this concept in my brother-in-law's garage, who claims he got the idea from a bike shop in San Francisco. My brother-in-law has many more bikes than I do and a smaller garage and he hangs most all of them from a pipe.
Here are the parts you'll need to build this rack, all purchased at the local hardware store:
1. qty. 2 - 3/4" X 18" galvanized pipe**
2. qty. 2 - 1/2" X 72" galvanized pipe
3. qty. 2 - 3/4" to 1/2" galvanized elbow
4. qty. 2 - 3/4" threaded pipe flange
5. qty. 1 - 2 X 4
6. qty. 8 - 4" Hex lag bolt with washer
7. qty. 8 - 3-1/2" wood screw
**Depending on your ceiling height, you'll want to adjust the length of these pipes accordingly. My ceiling is 11-1/2 ft. high, which results in the bike's front tire being about 65" off the ground....low enough where I can stand on my toes and put the bike on the rack and high enough that the bikes are not in the way.
As you can see, I'm currently hanging 3 bikes, but there's easily room for two more:
Make sure you're careful about finding the ceiling joist and then predrill holes for the lag bolts.
Simply hangin' by the saddle: