I have a utility closet in my shop that is about 32"D x 60"W x 7'6"H. It has a 48" double door on the long side, that opens into the garage side of my building, as opposed to the shop. The closet has no outside walls, there is a 60" x 80" bathroom in between it and the north outside wall. It houses a 60 gallon single stage upright compressor and a 50 gallon electric water heater. Since it breathes from the garage side, it can get pretty warm during the summer, especially if I have the compressor running a lot.
So, just above the double doors, I put a ~100 CFM muffin fan on an adjustable, close-on-rise vent fan thermostat (direct switched, rated 5A I think.) The doors fit reasonably tight, but there is a ~3/4" gap at the bottom to the floor. If the closet gets above the preset temp (think its set at about 90°F) the fan will kick on and draw hot air off the top of the closet, while cooler air will replace it off the floor. At 100 CFM, the entire volume of air in the closet will be changed in about 1 minute, so its pretty effective. That said, it has only kicked on a very few times in the 6 years the compressor and water heater have both been in there. This was a cheap solution too, muffin fan was free and the thermostat and misc. wiring was ~$20.