Place each 1-by-8-by-8-inch board flat on the table of the miter saw. Cut each end at a 45-degree angle. The angles should be cut on the same side of the boards so one side has a long point measuring 8 inches and the other side is shorter. The mitered ends on the four boards that are 1-by-8-by-8-inch will fit together like a picture frame to form a square box.
Sand the cut ends of the 1-by-8-by-8-inch boards with a fine-grit sanding pad until completely smooth.
Assemble the four boards together to form a square box. Drive trim head wood screws through the corner joints using a screw gun. Space the screws every 2 inches.
Lay the 1/4-by-8-by-8-inch hardwood plywood panel flat over the box assembly. This is the front of the wooden wall shelf. Drive trim head wood screws through the panel into the edges of the assembly every 2 inches.
Drill a hole in the center of the plywood panel using a drill equipped with a 4-inch hole saw. Sand the edges of the hole with a fine-grit sanding pad. This is the cubby hole opening.
Turn the assembly over. Position a keyhole slot mount on each corner edge of the assembly with the larger opening oriented toward the bottom of the assembly. Drive the screws that were included with the mounts through the holes into the assembly with a screw gun.
Apply two coats of wood finish over the entire assembly using a paintbrush. Allow the finish to dry for four hours between coats. Wait 24 hours after applying the final coat before mounting the shelf to the wall.