I sort by color and have them in a tall bookshelf. I have a separate shelf for holiday, Americana, flannel, and juvenile. I keep the fat quarters and scraps separate, but everything else is in the bookshelf.
For a uniform fold, I fold the selvage to the fold and then in however many folds I need to fit the shelf. Does that make sense? Fabric is usually 44", and is 22" as it comes off the bolt. By folding it this way, I end up with all pieces 11" wide and can make the length whatever I need to fit the shelf.