This paper presents a method for determining the performance of shuttle-based storage and retrieval systems (SBS/RS) with tier-captive, single-aisle shuttles serving various numbers of tiers of multiple-deep storage. The use of this approach takes place in the design process of SBS/RS. The proposed approach considers the real operating characteristics of the shuttle and lifts. The basis of this calculation method is a continuous-time, open-queueing system with limited capacity. The cycle times of the lifts and shuttles, determined by a spatial value approach, can be used directly in the presented method with an assumed uniform distribution of storage locations and a probability-based model of storage depth. This approach is validated by a comparison with a discrete-event simulation. Finally, an example based on a system provided by a European material handling provider is presented to outline how this calculation model can be used for designing SBS/RS that fulfill predefined requirements. The result of this example is a decrease in the needed ground space with an increasing number of tiers served by each shuttle and with increasing storage depth.