220v 3wire, reuse as 110v?

Currently I have heavy gauge 3wire 220v run to a 50amp breaker from a old electric stove. I have removed the stove and wish to add one (or more) additional 110v outlets in the area. What would be the best option? I understand since it is 3 wires, I cannot split it into two 110s with a common neutral. So can... show more Currently I have heavy gauge 3wire 220v run to a 50amp breaker from a old electric stove. I have removed the stove and wish to add one (or more) additional 110v outlets in the area. What would be the best option? I understand since it is 3 wires, I cannot split it into two 110s with a common neutral. So can I...
a) Create a subpanel?
b) Reconnect the line to smaller gauge wires and make it a single 110v run?
c) cut the wire and call it a day?

Running new wire (I'm trying to run Cat5 & Coax) is proving tough as the end location is 3 floors above the basement.
Update: I believe it is 8 gauge. It is three wires, 2 black insulated (one marked with red) and a bare ground. Is it code to cut the wire from the breaker (replacing it with a 20amp 110v breaker) and splice 12 gauge in the panel/breaker and a new box to turn it into the 110v?
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